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38 student accountant September 2007

technical

With effect from the December 2007

session, the CAT and ACCA Qualification

syllabuses will be internationalised.

GLOBAL REACH

ACCA is the worlds largest and

fastestgrowing global professional

accountancy body with 296,000 students

and 115,000 members in 170 countries.

We offer internationallyrecognised

qualifications to people of application, ability,

and ambition around the world who seek a

rewarding career in accountancy, finance,

and management.As ACCA is a truly global professional

accountancy body, it is appropriate to

introduce an international format and style

for the syllabuses to reflect this increasingly

global profile. This change is now even

more appropriate given the accelerating

convergence of countryspecific financial

reporting standards, with international GAAP

in many jurisdictions, including the UK.

INTERNATIONALISATION

From December 2007, all global syllabuses

will use international terminology. In addition,

ACCA will use the generic dollar ($) as its

currency of illustration in questions andanswers, rather than the GBR pound ().

The papers mainly affected by this change

will be those on management accounting,

performance management, and financial

management. To a lesser extent, other

papers will also be affected, such as Paper

F1,Accountant in Business, Paper P1,

Professional Accountant, and Paper P3,

Business Analysis, which may include

references to financial terminology, financial

data, or reports. In all these papers, rather

than using the and other UKbased

internationalisationterminology, international GAAP terminology

and the $ will be used in numerical and

financial questions, including examples of

summarised financial data and extracts from

external financial reports.

ACCA already offers adapted papers for

auditing and financial reporting. These papers

continue to be offered in international format

and in Hong Kong, Malaysia, Singapore, or

UK formats and will retain local currency

and formats.

WHO IS AFFECTED?

The revised syllabuses will affect all CAT andACCA Qualification students who sit exams

from December 2007 onwards.

HOW WILL STUDENTS BE AFFECTED?

The impact of the internationalisation of

the ACCA syllabuses is limited to those

global papers that previously used UK

GAAP accounting terminology and formats,

and which presented financial data in the

denomination of the GBR pound. The papers

affected are highlighted in Tables 1 and 2.

Law and tax variant papers continue

to use the relevant local currency and

terminology. However, Paper F4 (GLO) will

adopt the generic dollar and internationalformat, where relevant.

NEW MATERIALS AND FURTHER

INFORMATION

ACCAs approved publishers BPP and

Kaplan Publishing will issue updated

textbooks to reflect the new internationalised

syllabuses for those papers affected.

For further information, please see the

Syllabuses, Study Guides, and Pilot Papers,

which can be found on the ACCA website, or

contactACCA Connect.

From December 2007, all global

syllabuses will use international

terminology. In addition, ACCA

will use the generic dollar ($) as its

currency of illustration in questions

and answers, rather than the GBR

pound ().

on international terms

relevant to all CAT and ACCA Qualifcation papers

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TABLE 1: EFFECT OF INTERNATIONALISATION ON CAT PAPERS

CAT PAPER IMPACT

Paper 1, Recording Financial Transactions No impact International and UK versions already available

Paper 2, Information for Management Control IFRS/IAS terminology and format, and generic $ currency unit

Paper 3, Maintaining Financial Records No impact International and UK versions already available

Paper 4,Accounting for Costs IFRS/IAS terminology and format, and generic $ currency unit

Paper 5, Managing People and Systems No impact as this is a nonfinance paper

Paper 6, Drafting Financial Statements No impact International and UK versions already available

Paper 7, Planning, Control and Performance Management IFRS/IAS terminology and format, and generic $ currency unit

Paper 8, Implementing Audit Procedures No impact International and UK versions already available

Paper 9, Preparing Taxation Computations Local currency and terminology used

Paper 10, Managing Finances IFRS/IAS terminology and format, and generic $ currency unit

TABLE 2: EFFECT OF INTERNATIONALISATION ON ACCA QUALIFICATION PAPERS

ACCA QUALIFICATION PAPER IMPACT

Paper F1,Accountant in Business IFRS/IAS terminology and format, and generic $ currency unit

Paper F2, Management Accounting IFRS/IAS terminology and format, and generic $ currency unit

Paper F3, Financial Accounting No impact International and UK versions already available

Paper F4, Corporate and Business Law Generally, no impact as this is a nonfinance paper. The global law paper

will use generic $ and international terminology where relevant

Paper F5, Performance Management IFRS/IAS terminology and format, and generic $ currency unit

Paper F6, Taxation Local currency and terminology used

Paper F7, Financial Reporting No impact International and UK versions and adapted papers already

available

Paper F8,Audit and Assurance No impact International and UK versions and adapted papers already

availablePaper F9, Financial Management IFRS/IAS terminology and format, and generic $ currency unit

Paper P1, Professional Accountant Limited impact, but will use IFRS/IAS terminology and format, and generic $

currency unit

Paper P2, Corporate Reporting No impact International and UK versions and adapted papers already

available

Paper P3, Business Analysis Limited impact, but will use IFRS/IAS terminology and format, and generic $

currency unit

Paper P4,Advanced Financial Management IFRS/IAS terminology and format, and generic $ currency unit

Paper P5,Advanced Performance Management IFRS/IAS terminology and format, and generic $ currency unit

Paper P6,Advanced Taxation Local currency and terminology used

Paper P7,Advanced Audit and Assurance No impact International and UK versions and adapted papers already

available

September 2007 student accountant 39

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